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With the rapid rise of so called “gig” workers nowadays, many employers need to make the distinction between an employee and an indpendant contractor. While making this distinction would seem straightforward, this has traditionally been a point of uncertainty for many businesses. Now, as the result of a landmark court case, and a new three-pronged… Read More
With the new tax laws in effect for 2018 its a good idea to do a quick checkup on the amount of taxes you’re having withheld. The IRS has made with this simple to do with its new online Withholding Calculator. The Calculator helps you identify your tax withholding to make sure you have the… Read More
Approximately 543,000 new businesses get started each month, adding to the roughly 19.4 million existing nonemployer businesses. Of the those total businesses, roughly 8% are partnerships. If you are considering forming a partnership to run a business there are some specific legal and tax considerations involved in operating in that fashion. Unlike a corporation, a… Read More
There’s no doubt that 2017 was a year plagued by wildfires that resulted in catastrophic destruction to the environment and personal property. In October alone, wildfires that tore across Northern California numbered more than a dozen. Some of these stand out as among the most damaging to ever hit the state. In light of the… Read More
While the The Tax Cuts and Jobs Act of 2017 is generally seen as being loaded with benefits for businesses, there is at least one exception. In an effort to discourage companies from becoming too indebted or taking on too much leverage, the new law caps the business deduction for net interest expenses. Regardless of… Read More
There’s no doubt the recent changes to the tax code have caused some confusion and uncertainty around the filing of 2017 taxes. Let’s face it, with all of the pressure to get the bill signed before the end of the year and the last minute juggling of key points, many folks just haven’t had the… Read More
With all of the news surrounding the 2017 Tax Cuts and Jobs Act theres plenty of myths [link to article 1 from this month] circulating about best practices and procedures for filing. Among those topics lumped into early filing season confusion is the alternative minimum tax (AMT). In an earlier post we discussed how to… Read More
The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every individual tax payer. For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus depreciation allowance, an enhancement to the Code Sec.… Read More
The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Individuals are more impacted by the provisions of the act than any other class of taxpayer. With the reduction in effective tax rates, the elimination of… Read More
An S corporation, is a pass-through entity that is treated very much like a partnership for federal income tax purposes. As a result, all income is passed through to shareholders and taxed at their individual tax rates. However, unlike a C corporation, an S corporation’s income is taxable to the shareholders when it is earned… Read More